Core Viewpoint - The recent focus in the market is the narrowing of the AH share premium, with UBS indicating that unless there is a significant influx of additional liquidity into the A-shares, the AH premium will remain at its current low mid-range levels [1] Group 1: AH Share Premium Dynamics - UBS statistics show a high correlation coefficient of 0.83 between the AH share premium and the US dollar index over the past 15 years, suggesting that a weaker dollar typically leads to a narrower AH premium, indicating better performance of H-shares relative to A-shares [1] - The changes in the AH share price differential are largely influenced by the liquidity differences between onshore and offshore markets [1] Group 2: Impact of Dollar Fluctuations - During periods of a weaker dollar, global liquidity tends to improve, resulting in capital inflows into emerging markets, and vice versa [1] - Despite the narrowing premium, UBS believes that A-shares will still benefit moderately from a slight strengthening of the RMB against the USD when the dollar declines [1] Group 3: Emerging Market Performance - UBS estimates that over the past decade, a 10% decline in the US dollar index has led to a relative increase of 9% in emerging market equities [1] - From a profitability perspective, Chinese companies with significant costs tied to imports or heavy dollar-denominated debt exposure are likely to benefit from a weaker dollar [1]

Group 1 - The A-share market shows signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, attracting attention to foreign capital movements, particularly northbound funds [1] - As of the end of Q2 2025, northbound funds held a total of 2,907 A-shares, with a total shareholding of 1,232.08 billion shares, an increase of 41.19 billion shares from the previous quarter and 7.22 billion shares from the end of 2024 [2] - The total market value of northbound funds reached 2.289 trillion yuan, an increase of 537 billion yuan from the previous quarter and 871 billion yuan from the end of 2024, indicating a significant increase in investment in the A-share market [2] Group 2 - The industry with the largest increase in shareholding by northbound funds in Q2 2025 was enterprise services, with a growth of 38%, followed by telecommunications services at 27% and national defense at 26% [2] - Conversely, the industries with the largest decrease in shareholding were hardware equipment, down 15%, and home appliances and textiles, both down 13% [2] Group 3 - The stocks with the highest market value held by northbound funds as of June 2025 included CATL, Kweichow Moutai, Midea Group, and others, with CATL and Kweichow Moutai each exceeding 100 billion yuan in market value [3] - The three companies with the most significant changes in market value held by northbound funds were CATL, Hengrui Medicine, and Dongpeng Beverage, all of which have recently listed on the Hong Kong Stock Exchange [3][4] Group 4 - The decline in AH share premiums indicates a narrowing price gap between A-shares and H-shares, enhancing market efficiency and providing a fairer investment environment [5][7] - The decrease in AH share premiums may influence the allocation of northbound funds between A-shares and H-shares, shifting focus towards the fundamentals and industry outlook rather than short-term price differences [7][8]

Core Viewpoint - The Hong Kong stock market has experienced a decline, with the Hang Seng Index dropping by 1.06% and the Hang Seng Tech Index falling by 1.76% in July, while A-shares have been rising, leading to a rebound in the AH share premium [1] Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index recorded declines in July, contrasting with the upward trend in A-shares, particularly the Shanghai Composite Index approaching 3500 points [1] - As of July 9, the AH share premium has rebounded to 130.64, an increase of over 2% from mid-June [1] Group 2: Individual Stock Performance - Among the 160 AH shares, only three companies—CATL, Hengrui Medicine, and WuXi AppTec—are trading at a premium for their H-shares compared to A-shares, with CATL's premium exceeding 30% and Hengrui Medicine's over 11% [1][2] - CATL's H-shares have risen nearly 17% in July, while its A-shares increased by 7.37%, leading to an expanding premium [2][3] - Hengrui Medicine's H-shares have surged over 29% since their listing on May 23, while A-shares rose by 10.19%, resulting in a significant premium for H-shares [3] Group 3: Market Dynamics - The market dynamics indicate that CATL and Hengrui Medicine are core assets in the domestic new energy and innovative drug sectors, attracting significant capital in the Hong Kong market [3] - The liquidity of H-shares for both companies is considerably lower than that of A-shares, making it easier to drive up H-share prices [4] Group 4: Recent Developments - CATL has signed a comprehensive electrification deepening strategic cooperation agreement with Geely Auto, focusing on battery technology collaboration and supply chain development [4] - Hengrui Medicine has received approval for clinical trials of two new drugs, with one targeting chronic obstructive pulmonary disease (COPD), indicating a strong pipeline of innovative drugs [5]

Market Overview - The equity market experienced fluctuations last week (June 9 to June 13, 2025), with a decline in risk appetite due to external events. The average daily trading volume for the entire A-share market was 1.3716 trillion, continuing to rise week-on-week, driven mainly by event-related trading, with sectors like non-ferrous metals, oil and petrochemicals, and agriculture leading the gains [2][13]. AH Share Premium - The AH share premium index fell to a low level of 128 points, breaking below the previous lows of January 2023 and October 2024, placing it in the 0.8% percentile over the past five years. The Hang Seng Index has risen by 19.11% year-to-date, with recent trends indicating that the inflow of southbound capital has slowed, focusing more on sectors with significant gains [3][13]. Banking Sector Performance - The banking sector achieved excess returns, with the banking index rising by 0.67% last week, outperforming the CSI 300 index, which fell by 0.21%. Since May, the banking sector has generated an excess return of 6.21% compared to the CSI 300. Despite overall performance pressure, banks maintained a return on equity (ROE) above 10%, highlighting their stability and dividend certainty [14]. Technology Sector Activity - The technology sector saw a resurgence in trading activity, with its trading volume share increasing to 29.21% in June, following a decline to 25.8% in May. The sector experienced internal differentiation and rotation, with high external demand and performance recovery in areas like computing and optical modules [15]. Public Fund Market Dynamics - On June 11, the Shanghai Stock Exchange held a seminar to discuss the development of index investment in the Sci-Tech Innovation Board, focusing on the construction of a high-quality investment ecosystem for long-term investments. The board has established various indices, including the Sci-Tech 50 and industry-specific indices [16][17]. Active Equity Fund Index Performance - The active equity fund indices showed varied performance last week, with the active stock fund index rising by 0.60%, the value stock fund index up by 0.68%, and the growth stock fund index increasing by 0.76%. The medical stock fund index had a notable rise of 4.72%, reflecting strong performance across different sectors [4][5][7][8].

Core Viewpoint - The recent trend of leading A-share companies listing on H-shares is gaining momentum, with several companies successfully completing their listings in Hong Kong, enhancing their international market presence and brand recognition [1][2]. Group 1: H-share Listing Trend - Leading companies like Midea Group, CATL, and Heng Rui Pharmaceutical have recently listed on the Hong Kong Stock Exchange, indicating a growing trend among A-share companies to seek H-share listings [1]. - Stone Technology announced its intention to list on the Hong Kong Stock Exchange, further contributing to the ongoing "H-share boom" [2]. Group 2: Investment Considerations - Investors face a dilemma regarding whether to invest in A-shares or H-shares of companies listed on both exchanges, as each market has distinct advantages and disadvantages [2]. - Analysts highlight that H-shares generally trade at a discount compared to A-shares due to differences in investor structure, liquidity, and refinancing mechanisms [3][5]. Group 3: Price Discrepancies - The long-term price discrepancy between A-shares and H-shares is attributed to the lack of free convertibility and arbitrage mechanisms between the two markets [3]. - Currently, only 155 companies are listed on both A and H-shares, representing a small fraction of the total number of companies on the Hong Kong main board [5][6]. Group 4: Sector Analysis - The majority of companies listed on both exchanges are state-owned enterprises and belong to traditional economic sectors, such as finance and energy, which tend to attract dividend-focused investors [6]. - The analysis suggests that the price differences between A and H-shares can be better understood through a dividend perspective rather than purely market sentiment [6]. Group 5: Recent Market Dynamics - The phenomenon of "A-H share price inversion" has been observed, particularly with companies like CATL, where H-shares traded at a premium to A-shares, indicating a shift in market dynamics [7][9]. - The current macroeconomic environment and differing investor preferences contribute to the observed price behaviors between A and H-shares [9][10]. Group 6: Future Outlook - Companies like Stone Technology, which have a significant portion of their revenue from overseas markets, are expected to attract foreign investment and may experience similar price dynamics as seen with CATL [12][13]. - The ongoing trend of high dividend yields in the Hong Kong market, coupled with structural opportunities in sectors like new consumption and technology, positions H-shares favorably for investors [16][17].

Group 1 - The Hong Kong IPO market has significantly recovered in 2025, with 28 new listings in the first five months, raising a total of HKD 77.36 billion, surpassing the total fundraising amount for the entire previous year [1] - The average return of newly listed stocks this year is 18%, which is 13 percentage points higher than the Hang Seng Index, and significantly better than the historical average return of 4% over three months for new stocks [1] Group 2 - Excess returns are attributed to multiple factors including improved quality of listed companies, stricter IPO approvals in mainland China, enhanced liquidity in the Hong Kong market, and foreign demand for core Chinese assets [3] - The current AH share premium is 33%, close to the ten-year average but below the five-year average, with short-term narrowing drivers including geopolitical risk alleviation and improved liquidity in Hong Kong [3] - Blue-chip A-shares listing in Hong Kong is expected to benefit from passive fund inflows, with MSCI China Index and Hang Seng Tech Index providing liquidity support for new stocks [3] Group 3 - Despite the active IPO market, the fundraising amount in Hong Kong this year is still lower than the peak in 2020 and far below the USD 53 billion southbound capital inflow [4] - H-shares have shown robust earnings performance, with the Hang Seng China Enterprises Index reporting a 7% increase in Q1 earnings and the Hang Seng Tech Index constituents increasing by 38% [4] - The AI sector is overweighted, and there is a continued positive outlook for H-shares compared to A-shares [4]

以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 6月12日，恒生AH股溢价指数盘中跌破127点，最低下探至126.91点，创下近五年新低，年内累计跌幅 已达10.45%。 分享、点赞、在看 顺手三连越来越有钱 AH股溢价指数反映的是在中国内地和中国香港两地同时上市公司的股票价格差异。溢价指数下跌，显 示H股相较于A股折价有所收窄，背后的直接原因在于其间H股表现好于A股。 据东方财富Choice数据，恒生AH溢价指数的155只成分股中，H股今年跑赢A股的数量为144只，占比高 达93%。其中，荣昌生物超额最多，公司H股今年暴涨300%，但A股涨幅只有135%，H股超额达165个 百分点，公司的AH溢价也从年初的136%收窄至当前的35%。 分析人士认为，随着A股估值优势的重新出现，市场参与者正密切关注这一估值差距是否会如历史模式 一样触发新一轮的修复行情，抑或是反映出内地与香港市场基本面分化的长期趋势。 仅供 ...

6月12日，恒生沪深港通AH股溢价指数最低触及126.91点，进一步刷新近5年新低。年初至今，该指数 累计跌幅在10%左右。 根据恒生指数公司的介绍，恒生沪深港通AH股溢价指数为2007年7月9日推出的恒生沪深港通AH指数系 列中的一员，用以量度同时以A股及H股形式上市、市值最大及成交最活跃的内地公司（"AH公司"）A 股相对H股的绝对溢价（或折让）。 10多年前，A股较H股一度出现过整体折价的情况，但从2015年开始，A股相较于H股的整体溢价开始成 为常态。 从两个市场主要指数表现来看，年内A股市场主要指数表现弱于同期港股市场整体表现。统计数据显 示，年初至今，港股市场恒生指数累计上涨19.82%，恒生科技指数累计上涨19.32%，恒生中国企业指 数累计上涨19.75%。相较之下，上证指数累计仅上涨1.52%，深证成指累计则下跌1.73%，创业板指数 累计下跌3.48%，科创50指数累计下跌1.11%。 从具体个股上看，A股相对于H股溢价仍是普遍现象。据Wind数据，在纳入Wind统计口径的155家公司 中，超过150家公司的A股相对于H股仍存在溢价，仅宁德时代、药明康德、招商银行3家公司A/H股出 现折价 ...

AH股溢价指数持续探底。6月12日，恒生沪深港通AH股溢价指数早盘一度下探至126.91点，再次刷新近5年来新低；随后震荡反 弹，收盘报128.06点。指数下跌，代表A股相对H股的差价收窄，这主要是由于年内H股的升幅远高于A股。 恒生指数公司于2007年7月9日推出恒生沪深港通AH股溢价指数，用以量度同时以A股形式及H股形式上市、市值最大及成交最活跃 的内地公司（"AH公司"），其A股相对H股的绝对溢价或折让。 恒生指数公司接受广州日报新花城记者采访时表示，恒生沪深港通AH股溢价指数根据成份股A股及H股的流通市值，计算出A股相 对H股的加权平均溢价或折让，能为市场提供一项简明的指标以量度A股及H股的价差。"当恒生沪深港通AH股溢价指数点为100的 时候，意味着A股与H股价格相等；若指数大于100，就表示A股相对H股存在溢价；指数小于100，则反映A股相对H股存在折让。" 截至6月11日，恒生沪深港通AH股H指数年初至今上升17%，恒生沪深港通AH股A指数则只录得2.8%升幅。据统计，恒生沪深港通 AH股溢价指数自2014年第四季度显著上升以来，绝大部分时间在120至150点之间徘徊，过去10年平均水平为134 ...

近日，恒生沪深港通AH股溢价指数持续下行，不断刷新阶段低点。 6月12日，恒生沪深港通AH股溢价指数最低触及126.91点，进一步刷新近五年新低。 近些年来，AH公司中，A股相较于H股溢价成为常态。年内上述溢价指数的走低，某种程度上说明A股相较于H股的整体溢价 进一步收窄，两个市场的估值差异进一步趋向拉平。 恒生沪深港通AH股溢价指数 创近五年新低 行情数据显示，年内恒生沪深港通AH股溢价指数表现几经起伏，年初至3月中旬持续下跌，随后在3月下旬至4月上旬出现一 波反弹，但自4月中旬开始，该指数重启新一轮跌势，并不断创出阶段低点，直到近日创出近五年新低。总的来看，年初至 今，恒生沪深港通AH股溢价指数累计跌幅在10%左右。 根据恒生指数公司的介绍，恒生沪深港通AH股溢价指数 ("溢价指数")为2007年7月9日推出的恒生沪深港通AH指数系列中的一 员，用以量度同时以A股及H股形式上市、市值最大及成交最活跃的中国内地公司（"AH公司"）A股相对H股的绝对溢价（或 折让） 。 据悉，由于内地和香港两地的股票市场环境有别，投资者亦不相同，加上A股与H股不能互换等因素，同一公司的A股及H股价 格普遍有相当的差异。溢价指 ...